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Term Loans, Net (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following table details our secured credit facilities by spread over the applicable base rates as of September 30, 2023 ($ in thousands):

September 30, 2023
     Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd. Avg. Maturity(2)
Loan Count
Collateral(3)
Wtd. Avg.
Maturity(4)
Wtd. Avg.Range
USD14$6,876,591 May 2026131$10,791,188 May 202636%
25% - 100%
GBP72,391,449 June 2026223,193,290 July 202627%
25% - 50%
EUR71,983,520 September 2025112,661,250 September 202541%
25% - 100%
Others(5)
41,558,353 July 202771,967,503 July 202725%
25%
Total15$12,809,913 May 2026171$18,613,231 June 202634%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.
(3)Represents the principal balance of the collateral assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.
(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.
As of September 30, 2023, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term LoansFace Value
Interest Rate(1)
All-in Cost(1)(2)
Maturity
B-1 Term Loan$913,230 + 2.36 %+ 2.65 %April 23, 2026
B-3 Term Loan411,998 + 2.86 %+ 3.54 %April 23, 2026
B-4 Term Loan815,492 + 3.50 %+ 4.11 %May 9, 2029
Total face value$2,140,720 
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule of Net Book Value of Term Loans on Consolidated Balance Sheets
The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

 September 30, 2023December 31, 2022
Face value$2,140,720 $2,157,218 
Deferred financing costs and unamortized discount(35,896)(42,669)
Net book value$2,104,824 $2,114,549 
The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):
 September 30, 2023December 31, 2022
Face value$300,000 $520,000 
Deferred financing costs and unamortized discount(4,473)(5,743)
Net book value$295,527 $514,257